Bush gains praise from Obama for emergency auto loans

While industry and financial analysts had said all along that even though the congressional vote for the auto bailout package failed that the United States would not simply turn their back on the Detroit Big Three, President-Elect Barack Obama has actually made official praise of lame-duck prez George W. Bush for his efforts in getting the emergency funds that Chrysler and General Motors require.

Of course the move seems purely political as Bush more than likely was pressured all over the board to do something positive on his way out of office despite all of the negatives that will hang over his presidential tenure, but still--in a long term sense, this significant loan may make a difference long term--especially if indeed the stories of GM and Chrysler simply needing cash to pay their bills--NOW. I also like the fact that the government is 1) giving quick money before the end of the year and 2) they are requiring "significant progress" on the money by March or else there will be repercussions for such.

Either way, Obama has long been a staunch supporter of the auto bailout package and making America's auto makers a priority, so this statement is not a surprise, especially to get public sentiment continuing to grow positively before he even takes office.

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